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Cashin In

News/Business. A practical look at money management. New. (CC)

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00:31:00

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mpeg2video

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Washington 3, Wayne 3, Cashin 3, Johnson 3, Us 3, Jonathan 3, America 2, D.c. 2, Clinton Administration 2, Lotto 2, Hp Moonshot 2, Officeerty 2, Jonathan Hoenig 2, Eric Bolling 2, Parker 2, S&p 1, Etrade 1, Bob 1, Costco 1, Eric 1,
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  FOX News    Cashin In    News/Business. A practical look  
   at money management. New. (CC)  

    August 17, 2013
    8:30 - 9:01am PDT  

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too. they are well positioned for nat/gas industry. >> david: that's it for "forbes on fox." have a wonderful weekend. thank you for watching. the number one business block continues with eric bolling and "cashin' in." >> eric: forget big cities. now poverty is becoming a big problem in american suburbs and it's happening as the number of big government hand-outs like food stamps explode. so is it a coincidence or the cause? plus, we're blowing the roof off the biggest nsa scandal yet. now we're learning the agency broke privacy rules. thousands of times per year. folks, this is going to blow your mind. and then -- >> this happy, happy, happy -- [ applause ] >> eric: he should be happy. he just won the lotto. wait until you hear what a majority of americans say they would do if they won. this is going to shock you. "cashin' in" uncompromising, defenders of freedom and
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capitalism starts right now. ♪ ♪ >> eric: hi, everybody. i'm eric bolling. welcome to "cashin' in". wane rogers, jonathan hoenig, bob beckel and star parker. welcome, everybody. first, the big cities and now the suburb. poverty papeful reality for one in five americans and that includes moms, dads and kids. in 1964, president johnson declared a national war on poverty. over the decade since, taxpayers funded a massive redistribution of wealth. in the year since that declared war, welfare spending is up 11,000%. spending on food stamps ballooned. 32,000%. with trillions of tax dollars diverted to combat and post officeerty, one would think the post officeerty levels would fall. the opposite is handing. the american poverty exploded to 15.9%. the highest in nearly half a century.
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there is more. the dream of a suburban house with a white picket fence given way to fastest sector of the poverty. the sad but true reality the new face of poverty is next door. >> as spending on poverty goes up, the more it is spreading. jonathan, break it down. why are we spending so much more and post officeerty continues to rise? >> the poverty level was dropping and fell by half in '60s when johnson began a war on poverty. since then it's $16 trillion on the war on poverty. more tan we spent on the military wars in history. the net result is the higher poverty levels. the safety net is destructive. i creates two classes. victim, taxpayers people and pair sites recipients of the
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welfare. it doesn't help the prospects either. >> eric: stark, can we point finger at the higher spending as the cause of higher poverty >> it's not just the spending alone. what happens is it rewards ill behavior. we see it marriage collapses and you end up with a scenario we are. 40% of the american children are raised in the single handed households. with that, you have poverty. there is no question. the values we're seeing now in suburbs that we thought were the insew lated in the inner cities are spill out. the white out of wedlock birthrate today is 8% higher than where blacks were in the '60s when they started social engineering. that is the problem. >> eric: bobua, do you think? why poverty spread? >> let's correct something. i hate to correct jonathan, but it would be a full-time
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job if i had enough time. >> in the '50s and '60s, pover thety rate was falling and the greatest growth of middle class in history of this country and mostly people in suburbs. so that is not a surprise. a lot of minorities in the middle class went and i could use my area of washington, d.c. prince george county. almost all white and now black -- >> bob is playing race card? >> i can get away with it. i'm a liberal and you're not so you can't. >> what is your point? >> i started by saying this before i was interrupted -- >> what you have to say -- bob, you have to be honest about what happened there. black families moved in the suburbs. they moved to get better schools to have a better
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economic future to try to make it a dynamic you're trying to say is not the picture. we have allowed the iner city full of single headed household. >> if i could finish my sentence. blacks moved out. so did ethnic groups like the polish and others that moved out of their ghettos in the cities. seeking middle class. they were on edge economically on whether they were in a position to afford to move to the suburbs but they had to, because the school system was terrible. you can blame the war on poverty all you want. the reason that post officeerty went up in america -- >> i don't want the war on poverty. we should end the war on poverty. >> eric: hang in there. >> we should end the war on poverty, i think so, too. >> eric: wayne, the reality, why people in the suburbs black or white are falling below the post officeerty line is the jobs, the good jobs evaporated. construction jobs, manufacturing jobs.
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they gave to retail and fast food jobs. >> a lot of that is true. but the statistics are misleading when jonathan quoted them the way they did. after 196 when clinton administration changed the act, the welfare act, poverty was reduced. for next ten years. so this is a recent phenomena from 2008 up to today. we have had a massive increase, huge increase in the last four or five years. so the statistics doesn't tell you that. >> it atells you the economy for if the last four or five years. >> eric: we spend a lot of time on t you tell me that economy got better. >> skyrocketing entitlement
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spending is off the charts. >> yeah. >> we have to look at two other factors. >> bob, if you're knowledgeable liberal go read what lyndon johnson said about the war on poverty. it wasn't supposed to be long-term entitlem. it was to get people self-sufficient to make it them self-sufficient. not ongoing tax on productive -- >> you can't do it and reward ill behavior. >> can i agree something that happened in 2008? >> jonathan, you happen to be wrong. >> poverty did go down and then it began to rise. in 1996 -- >> it's higher now -- >> shut up a second. jonathan, you got to learn to be quiet and let other people speak. try a little politeness now and then. what i'm trying to say is in 1996, when they tell you, when the law changed and under the clinton administration, the congress was a republican congress.
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am i correct? >> yes. >> yes. it changed. then poverty again went down. >> we also had a booming economy. >> you have to stop talk and learn no shut your mouth. >> is dr. kerkorian available? >> i want to make two points? would by able to. >> eric: i want you to make a point and i want to point out post officeerty, the recent number, 15n't be 9%. the highest since the -- 15.9%. the highest since johnson. go ahead. >> you have to look at a couple of factors. someone brought up 2008. why did we see the shift? where they started going back up. the reason it went back up, nancy pelosi had the gavel. they signed in law for increased minimum wage. that's how you increase poverty.
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>> try it sometime. >> eric: bob, wayne, john, star, leigh it there. another discussion. new leaks are exposing the real truth and we are talking about thousands of infractions. time to rethink the nsa? chances are, you're not made of money, so don't overpay for at insurance. geico, you're not made of money, see how much you could save.
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hello, i'm doug mckelway. we are following news from egypt where they are waging war bless extremism in their country. 173 people today have been killed in clashes between security forces and support of ousted president mohammed morsi. witnesses say security sources stormed a mosque in costco, who had supporters barricaded inside. we will have a live report at the top of the hour. a show of bipartisan as theteams and republicans are showing outrage over nsa report showing dozen of errors. that's as an official charged to protect the privacy. governor huckabee does not agree. we'll talk to him and get a
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live report from national security correspondent jennifer griffin. the regulatory run-around. is the obama administration going around congress to push its environmental agenda? we'll have a fair and balanced debate next on america's news headquarters. ♪ ♪ >> eric: the president might have a lot -- >> we don't have a domestic spying program. >> new leaks are exposing this. >> wayne, can this get worse? >> i'm in favor of the fourth amendment. if you violate the constitution, it was written for a purpose. we're a society of law and not of men. we are not expecting those things to happen under any circumstances. there is no excuse for it. happening. when you start suspending the civil liberties for the
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purpose -- and abuse, too. it will get abused. the federal government abuses everything. people there don't know what the especially they're doing. have no -- don't know what they're doing. they will abuse it. if you emnoter them and they will abuse it. >> eric: we took heat standing by the fourth amendment and saying the nsa was violating people's privacy rights. they denied it. james clapper defied ding -- denied going it. >> when you allow the rules to be stretched and in this case, way overstretched in the constitution, you will have people taking the ultimate path they can to get the most information. one of the people to pull in here are the phone companies in collusion with the nsa to allow them to interrupt the trunk lines. the worst invasion of privacy. nsa was doing this since the '50s. but they used to target people who were potential enemy of
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the united states. not even. >> sure. in the amendment as you know is probable cause. there was no probable cause. >> eric: worse than that, star, they go through the fisa court, the foreign intelligence surveillance court and there is nothing foreign about a lot of americans data mined. >> governments are becoming suspicious about the overreach. the i.r.s. looking at us in a different way. depending on your political persuasion. what incompetence to say we are listening to egypt at country code and you listen to 202, which is washington, d.c. the bureaucrats are out of control. i'm glad we are looking more closely to what is happening in the security arena. >> connect dots here. the i.r.s. admitted to being scandalous. f.b.i. told to us turn on the cell phone if they want to
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remotely. any question what is going on with the data they are holding? >> who knows what they are doing with it? they are evading a real war. the snooping and the spying on americans is an invasion of the actual enemy, jihad and state sponsored islam. the egyptians are denouncing it. we can't make up our mind on the muslim brotherhood? so we have to worry about our own government spying and actively working against the enemy but against americans. >> they don't want to admit there is an enemy. >> we have to admit there are causes to look in specific people and the interest instead of a blanket approach. that says everybody is a suspect. that is unconstitutional. it's uncomfort to believe know they can take it out. >> a lot of this began with the patriot act.
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>> when we have a crisis we pass laws quickly. the patriot act if you read it, allowed for this to happen. patriot act should go away. 9/11, i know you hate to hear this, but 9/11 is a decade old and time to move on. >> time to move on from 9/11? >> yes. >> eric: how about this. all of those who accuse us of hiding behind the security and whatnot are not wanting to be the most secure nation by defending what the fourth amendment over what the nsa has done, it's false argument. go ahead, quickly, john. >> move on -- bob, what about never forget? i mean it's disgusting. >> that is a day you shouldn't forget but a date that shouldn't tie you down for pursuit of getting a job or work or living freely. >> eric: what would you do if you won the lottery? pa jurorty of mens say they would stay on the job. believable or baloney? jackie: there are plenty of things i prefer to do on my own.
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but when it comes to investing, i just think it's better to work with someone. someone you feel you can really partner with. unfortunately, i've found that some brokerage firms don't always encourage that kind of relationship. that's why i stopped working at the old brokerage, and started working for charles schwab. avo: what kind of financial consultant are you looking for? talk to us today.
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>> eric: coming up, loyal looney or just lying? what majority of americans say they would do if they won the lottery.
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it's a miracle and shocking. after 34 years and almost retirement last year, this happens. you don't have another choice. [ applause ] >> that guy is retiring after winning the lotto. a few poll says 68% of
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americans would keep working if they won $10 million in the lottery. bobby, old by a, say you woke up tomorrow with 10 large in the pocket. come to "the five"? >> i'm coming to "the five." but if i worked for jonathan hoenig i wouldn't show up to work. i tell you that. a number of people have jobs and get out of bed and they don't go running off to get there. 68% is vastly overstated. >> eric: wayne, in the break, they are worried are wayne and john okay. if you won $10 million you'd give him a few million? >> i wouldn't give it to him, he is not a charitable case. but i would give a lot of it away. bob is right. the 68% is when you are faced with something like that, somebody is going to give you $10 million. yeah. i got a lot of gold bricks i will sell you, too. i don't believe it. >> eric: star, what about you? what is the next day like for you after winning $10 million? >> i'm hopeful. i think the number might be right.
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most americans are decent hard-working people and glad to see it reflected in the number. $10 million is not a lot of money, frankly. the government is going to take half. your family will come be at your door. you have to hire private security because you never know if someone will try to kill you now. >> forget $10 million. what about people with hundreds of millions or billionaires. wealthy entrepreneurs still go to work in the morning. people get more out of work. they go to work. any element of a creative life fuels a happy existence. work has a value unto itself. americans inventedvented the toe money. in to production and creation. in to thinking. i'm not surprised if you won $10 million, most people would not want to -- >> that's in the true about the hedge funds. but you ask coal miners if they go work in the mine after winning $10 million. >> eric: a that is a good point. >> they could do some productive work. >> i'm convinced that many will.
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>> eric: that study, 68% -- >> they love their work. >> eric: but only 50% said they would go back to the work doing prior to that. >> for sure. >> okay. that sounds clearer. i'm worried about the 32% that won't. >> eric: last thought, jonathan. >> we talk about having to work as a negative, like i go to go to work. it's about dealing with reality. and succeeding and producing in whatever context. work as a cashier or a ceo. there is a real value to it beyond the paycheck. >> eric: bobby? >> i just said jonathan's, he is probably much more accustomed to dealing with ceos than cashiers so i think he can speak for ceos. of i would not be putting him out front speaking for cashiers. >> eric: if i won $10 million in lottery, i would look forward to the next day sitting next to you on "the five." >> it's highway robbery as it is. >> eric: we'll leave it there and say thank you very much to star parker and mr. robert beckel for joining
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>> eric: all right, time for what do i need to know for next week? wayne, you're up first. >> you know, eric, you can't keep the lid on a steam kettle forever. interest rates will rise some day. protect yourself. look at tbt. >> eric: that goes up as the rates go up. bonds go down, rate goes up, right? john, i think you are going to like that one? what do you think of tbt? >> i don't like leveraged funds. they are expensive and hard to own longer-term. so when you make the bet, look for sagg. as you point out we talk about the enumerable ways to bet against interest rates. at yearly highs. of i think this is happening now. higher rate is the biggest market trend i can see and sagg is betting against the
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s&p 500 on the bond market. >> eric: you are betting on the same thing. straight one sagg and wayne does it leverage with tbt. great calls. >> i'm not as wealthy as wayne. i can't afford the leverage. i don't have as much money as he does. >> maybe you will. a great week for cost of freedom. thank you for joining us. before we go. when i took over "cashin' in" last january, i wanted the show to shine a bright light on washington cronyism. we have done that and you responded. ratings soared. but came as a big surprise when the "new york times" usually known for providing cover for the elite democrat spending class like the clintons, ran this story. it was a blistering investigative report showing the clinton non-profit rife with crony capitalism and multimillion dollar deficit despite raking in nearly a half a billion dollars from 1997-2007. maybe they are catching on. they are definitely watching. by the way, good job, "new york times."
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it's about time, i can say that. see you all on "the five." have a great weekend, everybody. ♪ ♪ ♪ ♪ >> doug: in cairo, a place of prayer is now a fortress filled with gunshot and bloodshed. a sign of how rapidly stability in egypt is deteriorating. almost 200 people have been killed as protesters between supporters and opponents of the muslim brotherhood become increasingly violent. the egyptian government is vowing to "quite terrorism through security measures." leland vittert is following the situation from our mideast bureau now. leland? >> reporter: doug, there is no question the muslim brotherhood protest becomes nothing short of a full armed insurrection inside of